Delfin explores stake buyout as Del Vecchio succession dispute continues

Delfin, the Del Vecchio family holding company and largest shareholder in EssilorLuxottica, has reportedly begun preliminary discussions with banks about financing the purchase of stakes held by one or more family shareholders.

The talks are at an early stage and may not result in a transaction, according to reports citing people close to the matter. However, the discussions represent the latest effort to resolve a prolonged succession and governance dispute involving the eight heirs of Luxottica founder Leonardo Del Vecchio, who died in 2022.

Possible change in ownership

Italian newspaper Corriere della Sera reported that Delfin was considering buying two shareholders’ combined 25% interest. If completed, such a deal could reduce the number of family owners from eight to six, increasing each remaining heir’s holding from 12.5% to about 16.5%.

Separately, Il Sole 24 Ore reported that discussions had focused on the possible acquisition of Leonardo Maria Del Vecchio’s 12.5% stake. Other reporting suggested that he was considering a sale to Delfin, although no binding transaction has been announced.

The proposals follow an unsuccessful attempt earlier in 2026 by Leonardo Maria Del Vecchio to buy the combined 25% stakes of siblings Luca and Paola for about €10 billion. That transaction would have increased his interest in Delfin to 37.5%, making him its dominant shareholder.

The holding company has an estimated net asset value of about €40 billion. Its most significant investment is a 32.4% stake in EssilorLuxottica, while its portfolio also includes substantial interests in financial groups including Monte dei Paschi di Siena and Assicurazioni Generali.

Why the dispute matters

Leonardo Del Vecchio divided ownership of Delfin equally among eight heirs: his widow, his six children and Rocco Basilico, his widow’s son from an earlier marriage. The structure has made agreement on major decisions difficult and has generated disputes over ownership transfers, governance and the future direction of the family assets.

Leonardo Maria left his operational positions as EssilorLuxottica chief strategy officer and Ray-Ban chairman in August, after criticising the management approach of EssilorLuxottica chief executive and Delfin chairman Francesco Milleri. He remained a Delfin shareholder.

For the optical sector, the immediate point is that the reported discussions concern Delfin rather than a change to EssilorLuxottica’s day-to-day management. No alteration to EssilorLuxottica’s leadership, operations or commercial relationships has been announced as part of the potential buyout.

Nevertheless, Delfin’s position as EssilorLuxottica’s largest shareholder means that any lasting reorganisation could influence how the family exercises its voting power and approaches long-term questions involving capital allocation, board representation and strategy.

A simpler ownership structure could make it easier for Delfin to reach decisions. Conversely, a transaction funded through borrowing could introduce new financial considerations at holding-company level, including how debt would be serviced and whether Delfin’s dividend income or wider investment portfolio might be used.

Until formal terms are agreed, the story is chiefly about governance at EssilorLuxottica’s principal shareholder. Its longer-term significance will depend on who sells, how any purchase is financed and whether the outcome produces a more unified voice at Delfin.

Sources: Reuters reporting published 15 October 2026; Italian financial media reports; public reporting on Delfin’s ownership and investments.